全球智库信息集成服务系统(G2TT): The Dependent Economy Model with Both Traded and Non-Traded Capital Goods

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w4500
来源ID	Working Paper 4500
	The Dependent Economy Model with Both Traded and Non-Traded Capital Goods
	Philip L. Brock; Stephen J. Turnovsky
发表日期	1993-10-01
出版年	1993
语种	英语
摘要	This paper resolves a long-standing obstacle in the development and use of the dependent economy model with investment. This obstacle derives from the fact that models of the dependent economy with investment have been criticized for arbitrarily assuming that capital is either tradable or nontradable, and for choosing either the traded or nontraded sector to be capital intensive. The model incorporates both types of capital and shows that it is the relative sectoral intensity of nontraded capital that matters for the dynamic adjustment of the relative price of nontradables. When the traded sector is relatively intensive in nontraded capital, the saddlepath is flat (at the long-run value of the relative price of nontradables). When the nontraded sector is relatively intensive in nontraded capital, the saddlepath is negatively sloped. The relative sectoral intensity of traded capital primarily affects the adjustment of the current account. In particular, we consider the role of the complementarity or substitutability of traded and nontraded capital in the production structure on the behavior of the current account. The dynamic behavior of the model is illustrated by considering a permanent increase in foreign transfers.
主题	International Economics ; International Factor Mobility ; International Macroeconomics
URL	https://www.nber.org/papers/w4500
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/561877
推荐引用方式 GB/T 7714	Philip L. Brock,Stephen J. Turnovsky. The Dependent Economy Model with Both Traded and Non-Traded Capital Goods. 1993.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w4500.pdf（2310KB）	智库出版物		限制开放	CC BY-NC-SA	浏览